Kraft's earnings per share could fall by as much as 70c in
2015, and the analysts expect flat year-over-year EPS in 2015.

Citi added that:

In our opinion, if there
is a deal, it must be centered on a dramatic cost cutting
opportunity as the potential valuation looks extremely
lofty. To a degree, Kraft's vast center of the store
portfolio could help 3G's Heinz better leverage costs and
generate synergies. Moreover, within the current Kraft
business there still is an opportunity improve productivity
and streamline costs to transform it into a low cost
producer.